State Bank suspends another foreign exchange company

The State Bank of Pakistan (SBP) has suspended with immediate effect the authorization of another foreign exchange company namely M/s Royal International Exchange Company (Pvt) Limited till further orders for violating SBP rules and regulations, reported 24NewsHD TV channel.

In a press release issued on Saturday, the exchange company, its head office, branches, franchises and payment booths have been debarred from undertaking any kind of business activity during the suspension period.

#SBP has suspended the authorization of M/s Royal International Exchange Company on violations of SBP rules and regulations. The exchange company can no longer undertake any kind of foreign exchange related business activity during the suspension period. https://t.co/HQpjSdr1OF pic.twitter.com/tw5Ab2vIAn

— SBP (@StateBank_Pak) September 16, 2023

Last week, the central bank suspended, with immediate effect, the authorization of M/s Usman International Exchange Company –B (Pvt) Limited till further orders.

Action has been taken due to serious violations of the central bank’s regulations and instructions.